PesaPap is a virtual account that allows you to access Family Bank services on your mobile phone. With the new PesaPap wallet, you save, take a mobile loan, pay bills, purchase airtime and transfer funds. PesaPap provides a convenient, fast and easy way to access and manage your finances. With PesaPap, you can do all your banking on your phone.
What you need to know about PesaPap loan
Here are a couple of things you should know before you apply for a loan from PesaPap.
- You can access a loan of up to Ksh 50,000
- PesaPap charges an interest of 6.62% per month
- PesaPap mobile loans must be repaid within 30 days. There are two options to repay your loan;
- Full Repayment – Total outstanding loan is repaid at once and in full
- Partial Repayment – Total outstanding loan is repaid in installments over the 30-day loan period
- If you do not repay your loan in full within the time prescribed, PesaPal will automatically roll over any outstanding amount in respect of the loan and charge a facility collection fee of 5%
How to register for PesaPal
To open a PesaPap Wallet, simply follow these steps.
a. Family Bank customers
Family Bank customers can now self-register for PesaPap by dialing USSD *325#, and selecting the activate PesaPap option on the main menu. Upon completion and submission of the required fields, the Bank will complete the process and send out the PIN within 48 hours.
b. Non-Family Bank customers
- Visit your nearest Family Bank branch for registration of mobile banking
- Upon verification, the customer will receive access credentials via SMS
- Go ahead and download the Pesapap App or dial *325# and proceed
- Select ‘Open Wallet Account’ from the menu and follow the simple instructions
- Your phone number is your PesaPap Wallet Account number
- The following details are required;
- Full name as per ID
- ID number
- Mobile Phone Number
How to qualify for PesaPap loan
Here are some requirements for you to qualify for qualify for PesaPap loan.
- You must have an active Family Bank account for a minimum period of 6 months. The higher the activity on your wallet account (deposits and withdrawals), the higher the chances of qualifying for a loan
- You must not be listed on CRB for the last 3 months
- Your wallet account must have an average account turnover of a minimum of Ksh 15,000 for 3 months
How to apply for PesaPal loan
To apply for PesaPal loan, follow these steps.
- From PesaPap Wallet menu, select ‘My Loans’
- Select ‘Request loan’
- Enter amount required and submit
- Enter MPIN to confirm details
- The details of the loan (amount, facility fees and due date) will be displayed and an SMS confirmation sent to you
How to repay PesaPal loan
Follow these steps to repay your PesaPal loan.
- Go to your Mpesa menu
- Select ‘Lipa na M-Pesa’
- Select ‘PayBill’
- Enter 222111 as the business number
- Enter your phone number as the account number using this format 2547xxxxxxxx
- Enter the amount you want to repay
- Enter your Mpesa PIN and press OK
- You will receive a transaction confirmation message from Mpesa
- The proceed to PesaPal wallet menu
- Select ‘Pay Wallet Loan’
- Select ‘My Loans’
- Select ‘Repay Loan’
This is a very educative session I have ever had. Keep it up